Estimate what a fixed-rate loan could cost over its full term. Compare up to two offers by regular payment, total interest, and fees, and see how the balance changes after each payment.
This estimate uses equal payment periods and a fixed rate. Daily-interest, irregular, variable-rate, balloon, revolving, and precomputed-interest loans need a different calculation.
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Quick reading
Start with the amount borrowed, annual interest rate, and payment count. If you compare two offers, note any difference in the amount you receive or the payment frequency. A lower payment can cost more overall.
Method and limits
The calculator divides the quoted annual interest rate by the number of equal payment periods in a year. It assumes one advance, interest charged on the opening balance each period, and payments at period end. Interest is rounded to cents per period. The final payment adjusts to clear the remaining balance. At zero interest, the regular payment starts from principal divided by the number of payments.
Enter fees already included in the amount borrowed only once. Separate financed fees increase the opening balance. Cash-paid fees are added to total paid and borrowing cost. Enter a lender-disclosed APR for reference if available. The calculator does not calculate a regulatory APR.
Sources
CFPB: comparing auto loan offers
CFPB: interest rates, APR and disclosures
Microsoft: fixed-payment loan method
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